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Toyota's 'green bond' an industry first, quickly rises to $1.75 billion

Toyota is greasing the skids for more green car purchases with the announcement of a $1.75-billion bond designed to finance the purchase of high-efficiency Toyota and Lexus models. The Asset-Backed Green Bond is a first for the automotive industry and is making a lot of money available to buy or lease the following vehicles: any of the four Prius variants, Camry Hybrid, Avalon Hybrid, RAV4 EV, Lexus CT 200h and Lexus ES 300h. Originally, the bond was set at $1.25 billion, but Justin Leach, manager of public relations for Toyota Financial Services (TFS), told AutoblogGreen that demand was high and it was quickly oversubscribed. TFS has been looking at more ways to diversify its portfolio after a Diversity & Inclusion Bond that was announced in early 2013 and, with the new Green Bond, TFS is offering something for the "number of investors out there who are looking for investment opportunities in green." The way the money from the bond is used, basically, is that TFS takes the $1.75 billion and uses it to finance the purchase or lease of the nine vehicles listed above. As of right now, all the eligible vehicles are plug-in or hybrids, but the rules simply say that the cars in the program have to meet certain "powertrain, fuel efficiency and emissions" criteria. That means: Minimum EPA estimated MPG (or MPG equivalent for alternative fuel vehicles) of 35 city / 35 highway California Low-Emission Vehicle II (LEV II) certification of super ultra-low emission vehicles (SULEVs) or higher, which would include partial zero emissions vehicles (PZEVs) and zero emissions vehicles (ZEVs). TFS raises plenty of billions in other ways for the rest of the lineup, and got into asset backed securities in 2010, Leach said. Given the success of this first Green Bond, Leach said he expects TFS to keep this idea in its arsenal. "This one was so well received, I would be surprised if we didn't see it again," he said. "If anyone was going to do it, it should be Toyota, right?" Toyota Financial Services (TFS) Issues Auto Industry's First-Ever Asset-Backed Green Bond Bond Proceeds to Fund Consumer Loans and Leases for Toyota's Leading Portfolio of Green Vehicles TORRANCE, Calif., (March 24, 2014) – Toyota Financial Services (TFS) issued the auto industry's first-ever Asset-Backed Green Bond in the amount of $1.75 billion.

Lexus: Make Some Noise

The 2015 NX is a seriously important vehicle for Lexus, as it not only moves the brand into a new segment, but pushes it towards a younger demographic. The Japanese brand's 2015 Super Bowl ad reflected these facts, with an expressive, stylish spot that focused on the aggressive lines of its new crossover. It's not a funny spot (which is kind of the modus operandi for Super Bowl ads), but it gets the turbocharged CUV out in front of the masses. Take a look at our full drive on the all-new NX200t.

Chris Harris flogs the Lexus RC F

Chris Harris went to the Monticello race track in New York to sample the Lexus RC F, and, to be honest, he had to figure out how to love it on a circuit. Smitten with the luxury coupe's looks and cabin and naturally-aspirated V8 before taking the driver's seat, Harris found that four laps on track exposed its Achilles' heel: mass. Harris quoted the weight of his car at 1,860 kilograms, or 4,092 pounds, which is about one junior varsity athlete beyond the 3,958-pound curb weight of the coupe we drove. The 478 horsepower and 391 pound-feet of torque couldn't stoke the hustle Harris wanted, removing all the easy friskiness expected from the coveted FR setup, and leading to quick brake fade. He made note of the Lexus' lack of torque compared to the BMW M4, but in truth the RC F is only 15 lb-ft shy of its Munich nemesis. It is, however, at least 400 pounds heavier. On public roads, though, it's a different story. When not being pushed to prove itself in tight spaces, Harris thinks the Lexus is still a "curious blend of things," but a GT whose noise, styling and non-Germanness mean that it "certainly has a place," and might just take time to grow into. Related Video: News Source: Chris Harris on Cars via YouTube Lexus Coupe Luxury Performance Videos chris harris